May 14, 2018 - 4:30 PM EDT
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Tidewater Reports Results For The Three Months Ended March 31, 2018

HOUSTON, May 14, 2018 /PRNewswire/ -- Tidewater Inc. (NYSE:TDW) announced today a net loss for the three months ended March 31, 2018, of $39.2 million, or $1.67 per common share, on revenues of $91.5 million.

As more fully explained in the company's Form 10-Q for the quarter ended March 31, 2018, upon emergence from Chapter 11 bankruptcy on July 31, 2017, the company adopted fresh start accounting in accordance with applicable accounting and reporting regulations, which resulted in the company becoming a new entity for financial reporting purposes on July 31, 2017.  References herein to "Successor" relate to the financial position and results of operations of the reorganized company subsequent to July 31, 2017, while references to "Predecessor" relate to the financial position and results of operations of the company through July 31, 2017.

Included in the $39.2 million ($1.67 per common share) net loss for the three months ending March 31, 2018 were the following:

  • $15.2 million ($0.65 per common share) of foreign exchange losses, $14.8 million of which ($0.63 per common share) is included in Equity in net earnings (losses) of unconsolidated companies and related to our Angola joint venture, Sonatide.
  • $6.2 million ($0.26 per common share) in non-cash asset impairment charges that resulted from impairment reviews undertaken during the three months ended March 31, 2018.

Consolidated earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) for the three months ended March 31, 2018, which excludes asset impairment charges, but includes $3.0 million of stock-based compensation expense and $15.2 million of foreign exchange losses, was ($9.9) million.  (See disclosures related to Non-GAAP measures in other fleet and financial data beginning on page 10 herein.)

Common shares and New Creditor Warrants, each of which is exercisable to acquire one common share at a price of $0.001, and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.

Tidewater will hold a conference call to discuss results for the three months ended March 31, 2018 on Tuesday, May 15, 2018 at 10:00 a.m. Central Time. Investors and interested parties may listen to the teleconference via telephone by calling 1-888-771-4371 if calling from the U.S. or Canada (1-847-585-4405 if calling from outside the U.S.) and ask for the "Tidewater" call just prior to the scheduled start.  A replay of the conference call will be available beginning at 12:00 p.m. Central Time on May 15, 2018, and will continue until 11:59 p.m. Central Time on May 17, 2018. To hear the replay, call 1-888-843-7419 (1-630-652-3042 if calling from outside the U.S.). The conference call ID number is 46923575.

A simultaneous webcast of the conference call will be available online at the Tidewater Inc. website, (www.tdw.com). The online replay will be available until June 15, 2018.

The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the company involve numerous risks and uncertainties that may cause the company's actual performance to be materially different from that stated or implied in the forward-looking statements.  Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's recent Forms 10-Q and 10-K.

Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.

Note: all per-share amounts are stated on a diluted basis.

Financial information is displayed on the next page.

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

(Unaudited)

(In thousands, except share and per share data) 



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


Revenues:










Vessel revenues


$

87,494





156,905


Other operating revenues



3,999





3,844





91,493





160,749


Costs and expenses:










Vessel operating costs



61,364





80,845


Costs of other operating revenues



2,474





2,689


General and administrative (A)



23,565





41,727


Vessel operating leases







8,443


Depreciation and amortization



12,017





37,592


Gain on asset dispositions, net



(1,919)





(6,064)


Asset impairments



6,186





64,857





103,687





230,089


Operating loss



(12,194)





(69,340)


Other income (expenses):










Foreign exchange gain (loss)



(348)





664


Equity in net earnings (losses) of unconsolidated companies (B)



(15,439)





2,841


Interest income and other, net



(128)





1,588


Interest and other debt costs, net



(7,599)





(21,008)





(23,514)





(15,915)


Loss before income taxes



(35,708)





(85,255)


Income tax expense



3,321





1,717


Net loss


$

(39,029)





(86,972)


Less: Net income attributable to noncontrolling interests



143





7,883


Net loss attributable to Tidewater Inc.


$

(39,172)





(94,855)


Basic loss per common share


$

(1.67)





(2.01)


Diluted loss per common share


$

(1.67)





(2.01)


Weighted average common shares outstanding (C)



23,424,943





47,080,783


Dilutive effect of stock options and restricted stock








Adjusted weighted average common shares



23,424,943





47,080,783


Note (A):  The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor).  Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million.  General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

Note (B):  Equity in net earnings (losses) of unconsolidated companies for the quarter ended March 31, 2018 (Successor) includes $14.8 million of foreign exchange losses related to our Angola joint venture, Sonatide.

Note (C):  Weighted average shares outstanding for the quarter ended March 31, 2018 (Successor) include 108,044 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at March 31, 2018 (Successor). Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 (Successor) were 23,988,075, 6,021,696 and 30,009,771, respectively.

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and par value data)



Successor




March 31,



December 31,


ASSETS


2018



2017


Current assets:









Cash and cash equivalents


$

442,472




432,035


Restricted cash



2,847




21,300


Trade and other receivables, net



115,754




114,184


Due from affiliate



207,919




230,315


Marine operating supplies



28,896




28,220


Other current assets



18,181




19,130


Total current assets



816,069




845,184


Investments in, at equity, and advances to unconsolidated companies



13,503




29,216


Net properties and equipment



814,263




837,520


Deferred drydocking and survey costs



11,430




3,208


Other assets



30,783




31,052


Total assets


$

1,686,048




1,746,180











LIABILITIES AND EQUITY









Current liabilities:









Accounts payable


$

45,781




38,497


Accrued expenses



56,408




54,806


Due to affiliate



78,135




99,448


Accrued property and liability losses



2,852




2,585


Current portion of long-term debt



5,215




5,103


Other liabilities



8,826




19,693


Total current liabilities



197,217




220,132


Long-term debt



442,729




443,057


Accrued property and liability losses



2,561




2,471


Other liabilities and deferred credits



58,060




58,576











Commitments and Contingencies


















Equity:









Successor Common stock of $0.001 par value, 125,000,000 shares
authorized, 23,988,075 and 22,115,916 shares issues and outstanding at
March 31, 2018 and December 31, 2017, respectively



24




22


Additional paid-in capital



1,061,983




1,059,120


Retained deficit



(78,438)




(39,266)


Accumulated other comprehensive loss



(446)




(147)


Total stockholders' equity



983,123




1,019,729


Noncontrolling interests



2,358




2,215


Total equity



985,481




1,021,944


Total liabilities and equity


$

1,686,048




1,746,180


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


Net loss


$

(39,029)





(86,972)


Other comprehensive income:










Unrealized gains (losses) on available for sale securities, 
  
net of tax of $0 and $61



(299)





(94)


Change in loss on derivative contract, net of tax of
   $0 and $823







1,317


Change in supplemental executive retirement plan liability,
   net of tax of $0 and ($927)







(1,721)


Change in pension plan minimum liability, net of tax
   of $0 and $215







399


Change in other benefit plan minimum liability, net of tax
   of $0 and ($2,046)







(3,799)


Total comprehensive loss


$

(39,328)





(90,870)


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


Operating activities:










Net loss


$

(39,029)





(86,972)


Adjustments to reconcile net loss to net cash provided by (used in) operating
 
 activities:










Depreciation and amortization



11,380





37,592


Amortization of deferred drydocking and survey costs



638






Amortization of debt premium and discounts



(443)






Provision for deferred income taxes







(2,200)


Gain on asset dispositions, net



(1,919)





(6,064)


Asset impairments



6,186





64,857


Changes in investments in, at equity, and advances
 
 to unconsolidated companies



15,713





(5,062)


Compensation expense - stock-based



2,956





(888)


Excess tax liability on stock option activity







4,927


Changes in assets and liabilities, net:










Trade and other receivables



(1,662)





51,051


Changes in due to/from affiliate, net



1,083





24,961


Marine operating supplies



(677)





(408)


Other current assets



949





(6,458)


Accounts payable



7,284





(18,872)


Accrued expenses



845





9,267


Accrued property and liability losses



267





9


Other current liabilities



(2,695)





(3,860)


Other liabilities and deferred credits



(58)





1,884


Cash paid for deferred drydocking and survey costs



(8,860)






Other, net



2,058





6,386


Net cash provided by (used in) operating activities



(5,984)





70,150


Cash flows from investing activities:










Proceeds from sales of assets



9,492





2,464


Additions to properties and equipment



(1,677)





(8,355)


Net cash provided by (used in) investing activities



7,815





(5,891)


Cash flows from financing activities:










Principal payment on long-term debt



(1,471)





(2,732)


Payments to General Unsecured Creditors



(8,377)






Other



1





(4,927)


Net cash used in financing activities



(9,847)





(7,659)


Net change in cash, cash equivalents and restricted cash



(8,016)





56,600


Cash, cash equivalents and restricted cash at beginning of period



453,335





649,804


Cash, cash equivalents and restricted cash at end of period


$

445,319





706,404


Supplemental disclosure of cash flow information:










Cash paid during the period for:










Interest, net of amounts capitalized


$

8,152





8,218


Income taxes


$

6,429





2,167


Supplemental disclosure of non-cash investing activities:










Additions to properties and equipment


$





282


 

TIDEWATER INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands)












Accumulated













Additional



Retained



other



Non







Common



paid-in



(deficit)



comprehensive



controlling







stock



capital



earnings



loss



interest



Total


Balance at December 31, 2017 (Successor)


$

22




1,059,120




(39,266)




(147)




2,215




1,021,944


Total comprehensive loss









(39,172)




(299)




143




(39,328)


Stock option expense






(98)













(98)


Issuance of common stock



2
















2


Amortization of restricted stock units






2,961













2,961


Balance at March 31, 2018 (Successor)


$

24




1,061,983




(78,438)




(446)




2,358




985,481




Balance at December 31, 2016  (Predecessor)


$

4,707




171,018




1,570,027




(6,446)




8,258




1,747,564


Total comprehensive loss









(94,855)




(3,898)




7,883




(90,870)


Stock option activity






269













269


Cancellation of restricted stock awards









157










157


Amortization/cancellation of restricted stock units



5




(6,066)













(6,061)


Balance at March 31, 2017 (Predecessor)


$

4,712




165,221




1,475,329




(10,344)




16,141




1,651,059


The company's vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows:



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


(In thousands)






%








%


Vessel revenues:


















Americas (D)


$

26,081




30%





80,533




51%


Middle East/Asia Pacific



18,388




21%





26,678




17%


Europe/Mediterranean Sea



9,623




11%





10,166




7%


West Africa



33,402




38%





39,528




25%


Total vessel revenues


$

87,494




100%





156,905




100%


Vessel operating costs:


















Crew costs


$

34,224




39%





41,829




27%


Repair and maintenance



7,704




9%





17,074




11%


Insurance and loss reserves



(1,071)




(1%)





(1,767)




(1%)


Fuel, lube and supplies



9,012




10%





9,279




6%


Other



11,495




13%





14,430




9%


Total vessel operating costs



61,364




70%





80,845




52%


Vessel operating margin (E)


$

26,130




30%





76,060




48%


Note (D):  Included in Americas vessel revenues for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (E):  Vessel operating margin equals vessel revenues less vessel operating costs and excludes general and administrative expenses, vessel operating leases and depreciation and amortization expenses.  The following tables reconcile vessel operating margin as presented above to vessel operating profit (loss):



Successor




Predecessor




Quarter Ended




Quarter Ended


(In thousands)


March 31, 2018




March 31, 2017


Vessel operating margin


$

26,130





76,060


General and administrative expenses - vessel operations



(16,867)





(19,445)


Vessel operating leases







(8,443)


Depreciation and amortization - vessel operations



(11,912)





(36,173)


Vessel operating profit (loss)


$

(2,649)





11,999


The company's other operating profit (loss) consists of the following:



Successor




Predecessor




Quarter Ended




Quarter Ended


(In thousands)


March 31, 2018




March 31, 2017


Other operating revenues


$

3,999





3,844


Costs of other marine revenues



(2,474)





(2,689)


General and administrative expenses - other operating activities



(14)





(525)


Depreciation and amortization - other operating activities



(5)





(855)


Other operating profit (loss)


$

1,506





(225)


The company's operating loss and other components of loss before income taxes and its related percentage of total revenues, were as follows:



Successor




Predecessor




Quarter Ended




Quarter Ended




March 31, 2018




March 31, 2017


(In thousands)






%








%


Vessel operating profit (loss):


















Americas (F)


$

4,911




5%





30,618




19%


Middle East/Asia Pacific



(2,253)




(2%)





(6,164)




(4%)


Europe/Mediterranean Sea



(3,554)




(4%)





(7,102)




(5%)


West Africa



(1,753)




(2%)





(5,353)




(3%)





(2,649)




(3%)





11,999




7%


Other operating profit (loss)



1,506




2%





(225)




(<1%)





(1,143)




(1%)





11,774




7%




















Corporate general and administrative expenses (G)



(6,684)




(7%)





(21,757)




(14%)


Corporate depreciation



(100)




(<1%)





(564)




(<1%)


Corporate expenses



(6,784)




(7%)





(22,321)




(14%)




















Gain on asset dispositions, net



1,919




2%





6,064




3%


Asset impairments



(6,186)




(7%)





(64,857)




(40%)


Operating loss


$

(12,194)




(13%)





(69,340)




(43%)


Foreign exchange gain (loss)



(348)




(<1%)





664




<1%


Equity in net earnings (losses) of unconsolidated companies



(15,439)




(17%)





2,841




2%


Interest income and other, net



(128)




(<1%)





1,588




1%


Interest and other debt costs



(7,599)




(8%)





(21,008)




(13%)


Loss before income taxes


$

(35,708)




(39%)





(85,255)




(53%)


Note (F):  Americas segment vessel operating profit for the quarter ended March 31, 2017 (Predecessor) includes $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

Note (G):  The company did not incur any restructuring-related professional services costs during the quarter ended March 31, 2018 (Successor). Restructuring-related professional services costs included in general and administrative expenses for the quarter ended March 31, 2017 (Predecessor), were $16.8 million.  General and administrative expenses for the quarter ended March 31, 2018 (Successor) and March 31, 2017 (Predecessor) included stock-based compensation of $3 million and $(0.9) million, respectively.

For the following tables for illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017.  The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor.  The quarters ended June 30, 2017 and March 31, 2017 are Predecessor periods while the quarters ended March 31, 2018 and December 31, 2017 are Successor periods.

TIDEWATER INC.

CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) – QUARTERLY DATA

(Unaudited)

(In thousands, except share and per share data)








Three Months Ended

























March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


Revenues:





















Vessel revenues

$


87,494




101,313




104,911




112,257




156,905


Other operating revenues



3,999




3,140




5,652




2,849




3,844





91,493




104,453




110,563




115,106




160,749


Costs and expenses:





















Vessel operating costs



61,364




68,201




84,966




83,773




80,845


Costs of other operating revenues



2,474




1,519




3,036




1,585




2,689


General and administrative (H)



23,565




30,373




25,019




33,059




41,727


Vessel operating leases






91




1,747




5,542




8,443


Depreciation and amortization



12,017




12,195




19,302




36,287




37,592


Gain on asset dispositions, net



(1,919)




(6,612)




(376)




(3,189)




(6,064)


Asset impairments



6,186




16,777




21,325




163,423




64,857





103,687




122,544




155,019




320,480




230,089


Operating loss



(12,194)




(18,091)




(44,456)




(205,374)




(69,340)


Other income (expenses):





















Foreign exchange gain (loss)



(348)




(349)




(2,082)




(1,157)




664


Equity in net earnings (losses) of unconsolidated companies



(15,439)




825




1,574




4,517




2,841


Interest income and other



(128)




1,898




1,577




1,680




1,588


Reorganization items (H)






(2,419)




(1,085,609)




(313,176)





Interest and other debt costs



(7,599)




(7,769)




(5,814)




(10,605)




(21,008)





(23,514)




(7,814)




(1,090,354)




(318,741)




(15,915)


Loss before income taxes



(35,708)




(25,905)




(1,134,810)




(524,115)




(85,255)


Income tax (benefit) expense



3,321




(2,706)




3,216




295




1,717


Net loss

$


(39,029)




(23,199)




(1,138,026)




(524,410)




(86,972)


Less: Net income (loss) attributable to
noncontrolling interests



143




374




142




24




7,883


Net loss attributable to Tidewater Inc.

$


(39,172)




(23,573)




(1,138,168)




(524,434)




(94,855)


Basic loss per common share

$


(1.67)




(1.02)











Diluted loss per common share

$


(1.67)




(1.02)











Weighted average common shares outstanding (I)



23,424,943




23,137,909











Dilutive effect of stock options and restricted stock
















Adjusted weighted average common shares



23,424,943




23,137,909
































Vessel operating margin

$


26,130




33,112




19,945




28,484




76,060























Note (H):  Restructuring-related items:





















Restructuring-related professional services
costs included in general and administrative
expenses

$











6,709




16,805


Restructuring-related professional services
costs included in reorganization items






2,031




23,494




5,165





Restructuring-related sale leaseback vessel
redelivery costs included in reorganization
items






388




1,244








Total

$





2,419




24,738




11,874




16,805



Note (I):  Weighted average shares outstanding for the quarters ended March 31, 2018 and December 31, 2017 include 108,044 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens, respectively, at March 31 2018 and December 31, 2017.  Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively. Common shares and New Creditor Warrants and the sum of common shares and New Creditor Warrants outstanding at December 31, 2017 were 22,115,916, 7,884,006 and 29,999,922, respectively.

TIDEWATER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)
























March 31,



December 31,



September 30,



June 30,



March 31,


ASSETS


2018



2017



2017



2017



2017


Current assets:





















Cash and cash equivalents

$


442,472




432,035




459,978




683,778




706,404


Restricted Cash



2,847




21,300











Trade and other receivables, net



115,754




114,184




120,271




116,612




123,262


Due from affiliate



207,919




230,315




245,056




252,810




262,652


Marine operating supplies



28,896




28,220




31,083




31,097




30,560


Other current assets



18,181




19,130




14,813




34,619




18,409


Total current assets



816,069




845,184




871,201




1,118,916




1,141,287


Investments in, at equity, and advances to
unconsolidated companies



13,503




29,216




25,729




49,216




45,115


Net properties and equipment



814,263




837,520




868,689




2,659,314




2,864,762


Deferred drydocking and survey costs



11,430




3,208




388








Other assets



30,783




31,052




46,845




92,134




139,535


Total assets

$


1,686,048




1,746,180




1,812,852




3,919,580




4,190,699























LIABILITIES AND EQUITY





















Current liabilities:





















Accounts payable

$


45,781




38,497




39,439




35,087




31,599


Accrued expenses



56,408




54,806




61,115




63,155




78,121


Due to affiliate



78,135




99,448




112,642




121,037




132,857


Accrued property and liability losses



2,852




2,585




2,774




2,758




3,583


Current portion of long-term debt



5,215




5,103




5,174




10,106




2,034,124


Other liabilities



8,826




19,693




38,041




28,029




48,429


Total current liabilities



197,217




220,132




259,185




260,172




2,328,713


Long-term debt



442,729




443,057




445,677




80,863





Deferred income taxes















46,013


Accrued property and liability losses



2,561




2,471




2,607




2,776




10,209


Other liabilities and deferred credits



58,060




58,576




62,569




60,382




154,705


Liabilities subject to compromise












2,389,557


























Commitments and Contingencies










































Equity:





















Common stock



24




22




21




4,712




4,712


Additional paid-in capital



1,061,983




1,059,120




1,056,563




165,516




165,221


Retained earnings



(78,438)




(39,266)




(15,693)




950,895




1,475,329


Accumulated other comprehensive loss



(446)




(147)




82




(10,258)




(10,344)


Total stockholders' equity



983,123




1,019,729




1,040,973




1,110,865




1,634,918


Noncontrolling interests



2,358




2,215




1,841




14,965




16,141


Total equity



985,481




1,021,944




1,042,814




1,125,830




1,651,059


Total liabilities and equity

$


1,686,048




1,746,180




1,812,852




3,919,580




4,190,699























Due from affiliate, net of due to affiliate

$


129,784




130,867




132,414




131,773




129,795


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA







Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


VESSEL REVENUE BY VESSEL CLASS

(In thousands):










































Americas fleet:





















Deepwater (J)

$


16,205




17,062




14,102




17,313




62,831


Towing-supply



6,846




8,263




9,319




11,274




14,738


Other



3,030




3,010




2,989




3,300




2,964


Total (J)

$


26,081




28,335




26,410




31,887




80,533


Middle East/Asia Pacific fleet:





















Deepwater

$


9,564




9,066




8,393




10,701




9,433


Towing-supply



8,824




14,110




16,823




17,065




17,245


Total

$


18,388




23,176




25,216




27,766




26,678


Europe/Mediterranean Sea fleet:





















Deepwater

$


9,020




10,395




11,192




8,237




9,853


Towing-supply



603




641




2,102




2,794




322


Other















(9)


Total

$


9,623




11,036




13,294




11,031




10,166


West Africa fleet:





















Deepwater

$


13,938




14,358




13,978




13,921




13,179


Towing-supply



16,139




19,807




21,071




24,225




22,472


Other



3,325




4,601




4,942




3,427




3,877


Total

$


33,402




38,766




39,991




41,573




39,528


Worldwide fleet:





















Deepwater (J)

$


48,727




50,881




47,665




50,172




95,296


Towing-supply



32,412




42,821




49,315




55,358




54,777


Other



6,355




7,611




7,931




6,727




6,832


Total (J)

$


87,494




101,313




104,911




112,257




156,905



Note (J):  Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total revenue for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


AVERAGE NUMBER OF VESSELS:










































Americas fleet:





















Deepwater



26




31




39




41




41


Towing-supply



15




16




19




21




22


Other



6




6




8




8




8


Total



47




53




66




70




71


Stacked vessels



(20)




(27)




(39)




(35)




(34)


Active vessels



27




26




27




35




37


Middle East/Asia Pacific fleet:





















Deepwater



19




21




21




22




23


Towing-supply



37




39




43




44




44


Other









1




1




1


Total



56




60




65




67




68


Stacked vessels



(15)




(20)




(25)




(25)




(24)


Active vessels



41




40




40




42




44


Europe/Mediterranean Sea fleet:





















Deepwater



17




17




18




17




18


Towing-supply



4




4




6




6




4


Other









1




2




2


Total



21




21




25




25




24


Stacked vessels



(5)




(5)




(5)




(6)




(8)


Active vessels



16




16




20




19




16


West Africa fleet:





















Deepwater



27




27




25




24




23


Towing-supply



35




37




38




38




39


Other



31




31




32




35




36


Total



93




95




95




97




98


Stacked vessels



(39)




(37)




(37)




(43)




(46)


Active vessels



54




58




58




54




52


Worldwide fleet:





















Deepwater



89




96




103




104




105


Towing-supply



91




96




106




109




109


Other



37




37




42




46




47


Total



217




229




251




259




261


Stacked vessels



(79)




(89)




(106)




(109)




(112)


Active vessels



138




140




145




150




149























Total active



138




140




145




150




149


Total stacked



79




89




106




109




112


Total joint venture and other vessels



8




8




8




8




8


Total



225




237




259




267




269


Note (K):  Included in total owned or chartered vessels at March 31, 2018 (Successor), December 31, 2017 (Successor), September 30, 2017 (Successor), June 30, 2017 (Predecessor) and March 31, 2017 (Predecessor), were 70, 89, 91, 115, and 111 vessels, respectively, that were stacked by the company.  These vessels were considered to be in service and are included in the calculation of our total fleet utilization statistics.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


AVERAGE NUMBER OF LEASED VESSELS
INCLUDED IN VESSEL COUNTS ABOVE:










































Americas fleet:





















Deepwater









7




8




8


Towing-supply









3




3




3


Total









10




11




11


Stacked vessels









(7)




(7)




(7)


Active vessels









3




4




4


Europe/Mediterranean Sea fleet:





















Towing-supply









2




2




1


Total









2




2




1


Stacked vessels
















Active vessels









2




2




1


West Africa fleet:





















Towing-supply









3




3




4


Total









3




3




4


Stacked vessels















(1)


Active vessels









3




3




3


Worldwide fleet:





















Deepwater









7




8




8


Towing-supply









8




8




8


Total









15




16




16


Stacked vessels









(7)




(7)




(8)


Active vessels









8




9




8


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


AVAILABLE DAYS - TOTAL FLEET:










































Americas fleet:





















Deepwater



2,309




2,893




3,545




3,731




3,690


Towing-supply



1,350




1,441




1,773




1,941




1,980


Other



540




574




736




728




720


Total



4,199




4,908




6,054




6,400




6,390


Middle East/Asia Pacific fleet:





















Deepwater



1,738




1,908




1,932




2,001




2,070


Towing-supply



3,348




3,604




3,980




3,974




3,952


Other






3




92




91




90


Total



5,086




5,515




6,004




6,066




6,112


Europe/Mediterranean Sea fleet:





















Deepwater



1,527




1,588




1,649




1,539




1,580


Towing-supply



360




379




552




567




356


Other









136




182




180


Total



1,887




1,967




2,337




2,288




2,116


West Africa fleet:





















Deepwater



2,470




2,484




2,347




2,193




2,070


Towing-supply



3,123




3,340




3,493




3,437




3,530


Other



2,745




2,852




2,885




3,170




3,240


Total



8,338




8,676




8,725




8,800




8,840


Worldwide fleet:





















Deepwater



8,044




8,873




9,473




9,464




9,410


Towing-supply



8,181




8,764




9,798




9,919




9,818


Other



3,285




3,429




3,849




4,171




4,230


Total



19,510




21,066




23,120




23,554




23,458


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


OUT-OF-SERVICE - STACKED DAYS:










































Americas fleet:





















Deepwater



898




1,565




2,359




2,110




1,874


Towing-supply



720




705




889




849




900


Other



180




206




368




273




270


Total



1,798




2,476




3,616




3,232




3,044


Middle East/Asia Pacific fleet:





















Deepwater



478




705




746




702




900


Towing-supply



873




1,089




1,435




1,446




1,240


Other






3




92




91




90


Total



1,351




1,797




2,273




2,239




2,230


Europe/Mediterranean Sea fleet:





















Deepwater



167




276




276




334




410


Towing-supply



270




180




92




91




90


Other









136




182




180


Total



437




456




504




607




680


West Africa fleet:





















Deepwater



744




671




644




713




900


Towing-supply



1,463




1,472




1,484




1,463




1,547


Other



1,305




1,295




1,246




1,714




1,707


Total



3,512




3,438




3,374




3,890




4,154


Worldwide fleet:





















Deepwater



2,287




3,217




4,025




3,859




4,084


Towing-supply



3,326




3,446




3,900




3,849




3,777


Other



1,485




1,504




1,842




2,260




2,247


Total



7,098




8,167




9,767




9,968




10,108


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA











Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


AVAILABLE DAYS - ACTIVE FLEET:










































Americas fleet:





















Deepwater



1,411




1,328




1,186




1,621




1,816


Towing-supply



630




736




884




1,092




1,080


Other



360




368




368




455




450


Total



2,401




2,432




2,438




3,168




3,346


Middle East/Asia Pacific fleet:





















Deepwater



1,260




1,203




1,186




1,299




1,170


Towing-supply



2,475




2,515




2,545




2,528




2,712


Total



3,735




3,718




3,731




3,827




3,882


Europe/Mediterranean Sea fleet:





















Deepwater



1,360




1,312




1,373




1,205




1,170


Towing-supply



90




199




460




476




266


Total



1,450




1,511




1,833




1,681




1,436


West Africa fleet:





















Deepwater



1,726




1,813




1,703




1,480




1,170


Towing-supply



1,660




1,868




2,009




1,974




1,983


Other



1,440




1,557




1,639




1,456




1,533


Total



4,826




5,238




5,351




4,910




4,686


Worldwide fleet:





















Deepwater



5,757




5,656




5,448




5,605




5,326


Towing-supply



4,855




5,318




5,898




6,070




6,041


Other



1,800




1,925




2,007




1,911




1,983


Total



12,412




12,899




13,353




13,586




13,350



Note (L):  Available Days - Active Fleet equals Available Days - Total Fleet less Out-Of-Service - Stacked Days.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


UTILIZATION - TOTAL FLEET:










































Americas fleet:





















Deepwater



42.2%




32.2%




20.5%




23.4%




29.7%


Towing-supply



35.7




39.0




36.1




36.4




41.8


Other



61.9




60.8




45.3




50.0




45.7


Total



42.7%




37.6%




28.1%




30.3%




35.2%


Middle East/Asia Pacific fleet:





















Deepwater



54.4%




48.7%




44.0%




54.4%




45.9%


Towing-supply



40.0




57.7




57.1




57.2




54.2


Total



44.9%




54.5%




52.0%




55.4%




50.6%


Europe/Mediterranean Sea fleet:





















Deepwater



64.7%




69.4%




71.7%




59.7%




61.0%


Towing-supply



25.0




24.1




53.8




66.1




13.9


Total



57.1%




60.7%




63.3%




56.5%




47.9%


West Africa fleet:





















Deepwater



52.3%




49.4%




49.3%




46.1%




48.0%


Towing-supply



39.0




45.7




45.2




49.4




44.9


Other



36.6




44.8




44.6




33.1




32.7


Total



42.2%




46.5%




46.1%




42.7%




41.2%


Worldwide fleet:





















Deepwater



52.2%




47.2%




41.3%




41.1%




42.6%


Towing-supply



38.3




48.6




48.9




50.9




46.9


Other



40.8




47.4




42.1




33.9




32.8


Total



44.4%




47.8%




44.7%




44.0%




42.6%


Note (M):  Utilization Total Fleet equals Days Worked / Available Days Total Fleet.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


UTILIZATION - ACTIVE FLEET:










































Americas fleet:





















Deepwater



69.1%




70.2%




61.2%




53.8%




60.4%


Towing-supply



76.6




76.4




72.3




64.7




76.6


Other



92.9




94.8




90.6




79.9




73.1


Total



74.6%




75.8%




69.7%




61.3%




67.3%


Middle East/Asia Pacific fleet:





















Deepwater



75.0%




77.2%




71.6%




83.8%




81.2%


Towing-supply



54.1




82.7




89.4




89.9




79.0


Total



61.2%




80.9%




83.7%




87.8%




79.7%


Europe/Mediterranean Sea fleet:





















Deepwater



72.6%




84.0%




86.1%




76.2%




82.4%


Towing-supply



100.0




45.8




64.6




78.7




18.6


Total



74.3%




79.0%




80.7%




76.9%




70.6%


West Africa fleet:





















Deepwater



74.8%




67.7%




68.0%




68.3%




84.9%


Towing-supply



73.4




81.7




78.6




86.0




80.0


Other



69.9




82.0




78.4




72.1




69.1


Total



72.8%




76.9%




75.2%




76.5%




77.7%


Worldwide fleet:





















Deepwater



72.9%




74.1%




71.9%




69.4%




75.2%


Towing-supply



64.5




80.1




81.2




83.2




76.2


Other



74.5




84.5




80.6




74.0




70.0


Total



69.8%




78.1%




77.3%




76.2%




74.9%


Note (N):  Utilization Active Fleet equals Days Worked / Available Days - Active Fleet.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,




2018



2017



2017



2017



2017


AVERAGE VESSEL DAY RATES:










































Americas fleet:





















Deepwater (O)

$


16,626




18,301




19,429




19,869




57,311


Towing-supply



14,191




14,700




14,577




15,959




17,816


Other



9,061




8,628




8,968




9,071




9,015


Total (O)

$


14,558




15,372




15,550




16,423




35,756


Middle East/Asia Pacific fleet:





















Deepwater

$


10,122




9,762




9,883




9,825




9,927


Towing-supply



6,589




6,787




7,398




7,511




8,045


Total

$


8,051




7,705




8,073




8,261




8,623


Europe/Mediterranean Sea fleet:





















Deepwater

$


9,132




9,427




9,464




8,967




10,220


Towing-supply



6,695




7,035




7,077




7,459




6,513


Total

$


8,928




9,244




8,985




8,530




10,030


West Africa fleet:





















Deepwater

$


10,795




11,702




12,069




13,768




13,260


Towing-supply



13,245




12,979




13,339




14,271




14,171


Other



3,306




3,602




3,854




3,265




3,661


Total

$


9,501




9,619




9,943




11,061




10,863


Worldwide fleet:





















Deepwater (O)

$


11,606




12,142




12,172




12,897




23,797


Towing-supply



10,355




10,056




10,295




10,961




11,893


Other



4,742




4,681




4,906




4,759




4,922


Total (O)

$


10,093




10,056




10,162




10,842




15,693


Note (O):  Included in Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates for the quarter ended March 31, 2017 (Predecessor) is $39.1 million of revenue related to the early cancellation of a long-term vessel charter contract.  Americas fleet deepwater, Americas fleet total, Worldwide fleet deepwater and Worldwide fleet total average day rates were increased by $35,709, $17,385, $9,776 and $3,915, respectively, for the quarter ended March 31, 2017 (Predecessor) as a result of the recognition of revenue related to the early cancellation of the vessel charter contract.

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017


Americas





















Vessel revenues (P)

$


26,081




28,335




26,410




31,887




80,533























Vessel operating costs:





















Crew costs

$


9,093




11,190




12,652




14,457




15,761


Routine repairs and maintenance



1,917




2,203




2,210




2,705




2,879


Major repairs



(187)




(144)




4,167




1,136




7


Insurance and loss reserves



(551)




788




605




933




(519)


Fuel, lube and supplies



1,618




2,413




2,935




3,394




3,896


Other



406




1,321




2,307




4,655




3,555


Total vessel operating costs

$


12,296




17,771




24,876




27,280




25,579























Vessel operating margin ($)

$


13,785




10,564




1,534




4,607




54,954


Vessel operating margin (%)



52.9%




37.3%




5.8%




14.4%




68.2%























Vessel operating lease expense

$








62




3,787




6,627


Vessel depreciation

$


3,223




3,386




5,488




10,748




11,297


Amortization of deferred drydocking and survey
costs

$


90




86




4





























Vessel operations general and administrative
expenses ($)

$


5,561




6,040




5,481




5,771




6,412


Vessel operations general and administrative
expenses (%)



21.3%




21.3%




20.8%




18.1%




8.0%























Vessel operating profit (loss)

$


4,911




1,052




(9,501)




(15,699)




30,618























Americas - Select operating statistics





















Average vessels - Total fleet (Q)



47




53




66




70




71


Utilization - Total fleet



42.7%




37.6%




28.1%




30.3%




35.2%























Average vessels - Active fleet (Q)



27




26




27




35




37


Utilization - Active fleet



74.6%




75.8%




69.7%




61.3%




67.3%























Average day rates (P)

$


14,558




15,372




15,550




16,423




35,756























Vessels commencing drydocks



7




3




7




2




2























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


(187)




(144)




4,167




1,136




7


   Cash paid for deferred
   drydocking and survey costs

$


2,775




554




243









$


2,588




410




4,410




1,136




7























Deferred drydocking and survey costs -
beginning balance

$


707




239











Cash paid for deferred drydocking and
survey costs

$


2,775




554




243








Amortization of deferred drydocking and
survey costs

$


90




86




4








Net vessel transfers in/out of the segment

$


9














Deferred drydocking and survey costs -
ending balance

$


3,383




707




239









Note (P):  Included in Americas vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term

vessel charter contract.  Americas fleet average day rates were increased by $17,385 as a result of the recognition of revenue related to the early cancellation of

the vessel charter contract.


Note (Q):  Average leased vessels – Americas
fleet









10




11




11


Average leased vessels - Americas active
fleet









3




4




4


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017


Middle East/Asia Pacific





















Vessel revenues

$


18,388




23,176




25,216




27,766




26,678























Vessel operating costs:





















Crew costs

$


8,108




8,666




9,101




9,795




9,495


Routine repairs and maintenance



1,209




1,733




2,387




2,164




2,318


Major repairs



254




442




320




511




3,988


Insurance and loss reserves



(150)




771




626




681




(732)


Fuel, lube and supplies



2,339




2,653




1,725




1,539




2,543


Other



2,742




2,723




2,977




2,908




3,351


Total vessel operating costs

$


14,502




16,988




17,136




17,598




20,963























Vessel operating margin ($)

$


3,886




6,188




8,080




10,168




5,715


Vessel operating margin (%)



21.1%




26.7%




32.0%




36.6%




21.4%























Vessel operating lease expense

$















Vessel depreciation

$


2,707




2,905




4,028




7,746




8,499


Amortization of deferred drydocking and survey
costs

$


62




4
































Vessel operations general and administrative
expenses ($)

$


3,370




3,772




3,226




3,738




3,380


Vessel operations general and administrative
expenses (%)



18.3%




16.3%




12.8%




13.5%




12.7%























Vessel operating profit (loss)

$


(2,253)




(493)




826




(1,316)




(6,164)























Middle East/Asia Pacific - Select operating
statistics





















Average vessels - Total fleet



56




60




65




67




68


Utilization - Total fleet



44.9%




54.5%




52.0%




55.4%




50.6%























Average vessels - Active fleet



41




40




40




42




44


Utilization - Active fleet



61.2%




80.9%




83.7%




87.8%




79.7%























Average day rates

$


8,051




7,705




8,073




8,261




8,623























Vessels commencing drydocks



3




5




1




1




5























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


254




442




320




511




3,988


   Cash paid for deferred
   drydocking and survey costs

$


1,728




209












$


1,982




651




320




511




3,988























Deferred drydocking and survey costs -
beginning balance

$


205














Cash paid for deferred drydocking and
survey costs

$


1,728




209











Amortization of deferred drydocking and
survey costs

$


62




4











Deferred drydocking and survey costs -
ending balance

$


1,871




205











 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017


Europe/Mediterranean Sea





















Vessel revenues

$


9,623




11,036




13,294




11,031




10,166























Vessel operating costs:





















Crew costs

$


4,991




5,147




6,460




5,593




4,927


Routine repairs and maintenance



1,240




1,145




1,430




1,244




925


Major repairs



338







290




1,983




336


Insurance and loss reserves



110




311




206




426




226


Fuel, lube and supplies



1,810




1,038




1,050




1,393




1,101


Other



1,606




1,466




1,754




1,835




1,394


Total vessel operating costs

$


10,095




9,107




11,190




12,474




8,909























Vessel operating margin ($)

$


(472)




1,929




2,104




(1,443)




1,257


Vessel operating margin (%)



-4.9%




17.5%




15.8%




-13.1%




12.4%























Vessel operating lease expense

$








670




721




432


Vessel depreciation

$


1,641




1,641




3,411




6,803




6,561


Amortization of deferred drydocking and survey
costs

$


163



































Vessel operations general and administrative
expenses ($)

$


1,278




1,073




1,251




1,196




1,366


Vessel operations general and administrative
expenses (%)



13.3%




9.7%




9.4%




10.8%




13.4%























Vessel operating profit (loss)

$


(3,554)




(785)




(3,228)




(10,163)




(7,102)























Europe/Mediterranean Sea - Select operating
statistics





















Average vessels - Total fleet (R)



21




21




25




25




24


Utilization - Total fleet



57.1%




60.7%




63.3%




56.5%




47.9%























Average vessels - Active fleet (R)



16




16




20




19




16


Utilization - Active fleet



74.3%




79.0%




80.7%




76.9%




70.6%























Average day rates

$


8,928




9,244




8,985




8,530




10,030























Vessels commencing drydocks



6







1




4




1























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


338







290




1,983




336


   Cash paid for deferred
   drydocking and survey costs

$


2,633















$


2,971







290




1,983




336























Deferred drydocking and survey costs -
beginning balance

$















Cash paid for deferred drydocking and
survey costs

$


2,633














Amortization of deferred drydocking and
survey costs

$


163














Deferred drydocking and survey costs -
ending balance

$


2,470



































Note (R):  Average leased vessels -
Europe/Mediterranean Sea fleet









2




2




1


Average leased vessels -
Europe/Mediterranean Sea active fleet









2




2




1


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017


West Africa





















Vessel revenues

$


33,402




38,766




39,991




41,573




39,528























Vessel operating costs:





















Crew costs

$


12,032




12,145




13,935




12,365




11,646


Routine repairs and maintenance



2,816




2,246




2,244




2,094




2,399


Major repairs



117




85




2,521




2,007




4,222


Insurance and loss reserves



(480)




1,076




1,067




1,084




(742)


Fuel, lube and supplies



3,245




3,296




4,131




3,102




1,739


Other



6,741




5,487




7,866




5,769




6,130


Total vessel operating costs

$


24,471




24,335




31,764




26,421




25,394























Vessel operating margin ($)

$


8,931




14,431




8,227




15,152




14,134


Vessel operating margin (%)



26.7%




37.2%




20.6%




36.4%




35.8%























Vessel operating lease expense

$





91




1,015




1,034




1,384


Vessel depreciation

$


3,703




3,547




5,444




9,595




9,816


Amortization of deferred drydocking and survey
costs

$


323




112
































Vessel operations general and administrative
expenses ($)

$


6,658




9,061




7,135




7,297




8,287


Vessel operations general and administrative
expenses (%)



19.9%




23.4%




17.8%




17.6%




21.0%























Vessel operating loss

$


(1,753)




1,620




(5,367)




(2,774)




(5,353)























West Africa - Select operating statistics





















Average vessels - Total fleet (S)



93




95




95




97




98


Utilization - Total fleet



42.2%




46.5%




46.1%




42.7%




41.2%























Average vessels - Active fleet (S)



54




58




58




54




52


Utilization - Active fleet



72.8%




76.9%




75.2%




76.5%




77.7%























Average day rates

$


9,501




9,619




9,943




11,061




10,863























Vessels commencing drydocks



3




2




7




2




6























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


117




85




2,521




2,007




4,222


   Cash paid for deferred
   drydocking and survey costs

$


1,724




2,259




149









$


1,841




2,344




2,670




2,007




4,222























Deferred drydocking and survey costs -
beginning balance

$


2,296




149











Cash paid for deferred drydocking and
survey costs

$


1,724




2,259




149








Amortization of deferred drydocking and
survey costs

$


323




112











Net vessel transfers in/out of the segment

$


(9)














Deferred drydocking and survey costs -
ending balance

$


3,706




2,296




149





























Note (S):  Average leased vessels - West Africa
fleet









3




3




4


Average leased vessels - West Africa active
fleet









3




3




3


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017


Worldwide





















Vessel revenues (T)

$


87,494




101,313




104,911




112,257




156,905























Vessel operating costs:





















Crew costs

$


34,224




37,148




42,148




42,210




41,829


Routine repairs and maintenance



7,182




7,327




8,271




8,207




8,521


Major repairs



522




383




7,298




5,637




8,553


Insurance and loss reserves



(1,071)




2,946




2,504




3,124




(1,767)


Fuel, lube and supplies



9,012




9,400




9,841




9,428




9,279


Other



11,495




10,997




14,904




15,167




14,430


Total vessel operating costs

$


61,364




68,201




84,966




83,773




80,845























Vessel operating margin ($)

$


26,130




33,112




19,945




28,484




76,060


Vessel operating margin (%)



29.9%




32.7%




19.0%




25.4%




48.5%























Vessel operating lease expense

$





91




1,747




5,542




8,443


Vessel depreciation

$


11,274




11,479




18,371




34,892




36,173


Amortization of deferred drydocking and survey
costs

$


638




202




4





























Vessel operations general and administrative
expenses ($)

$


16,867




19,946




17,093




18,002




19,445


Vessel operations general and administrative
expenses (%)



19.3%




19.7%




16.3%




16.0%




12.4%























Vessel operating profit (loss)

$


(2,649)




1,394




(17,270)




(29,952)




11,999























Worldwide - Select operating statistics





















Average vessels - Total fleet (U)



217




229




251




259




261


Utilization - Total fleet



44.4%




47.8%




44.7%




44.0%




42.6%























Average vessels - Active fleet (U)



138




140




145




150




149


Utilization - Active fleet



69.8%




78.1%




77.3%




76.2%




74.9%























Average day rates (T)

$


10,093




10,056




10,162




10,842




15,693























Vessels commencing drydocks



19




10




16




9




14























Major repairs expense and deferred
drydocking and survey costs:





















   Major repairs expense

$


522




383




7,298




5,637




8,553


   Cash paid for deferred
   drydocking and survey costs

$


8,860




3,022




392









$


9,382




3,405




7,690




5,637




8,553























Deferred drydocking and survey costs -
beginning balance

$


3,208




388











Cash paid for deferred drydocking and
survey costs

$


8,860




3,022




392








Amortization of deferred drydocking and
survey costs

$


638




202




4








Deferred drydocking and survey costs -
ending balance

$


11,430




3,208




388









Note (T):  Included in Worldwide vessel revenue for the quarter ended March 31, 2017 is $39.1 million of revenue related to the early cancellation of a long-term
vessel charter contract.  Worldwide average day rates were increased by $3,915 as a result of the recognition of revenue related to the early cancellation of the
vessel charter contract.


Note (U):  Average leased vessels – Worldwide
fleet









15




16




16


Average leased vessels - Worldwide active
fleet









8




9




8


 

TIDEWATER INC.

UNAUDITED OTHER FLEET AND FINANCIAL DATA
























Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017












































Consolidated EBITDA (V) (W) (X) (Y) (Z)

$


(9,905)




13,255




(2,760)




6,085




55,007























Restructuring-related professional services costs






(2,031)




(23,494)




(11,874)




(16,805)


Asset impairments



(6,186)




(16,777)




(21,325)




(163,423)




(64,857)


Sale leaseback redelivery costs






(388)




(1,244)








Reorganization items (excluding professional
services and sale leaseback redelivery costs)









(1,060,871)




(308,011)





Interest and other debt costs



(7,599)




(7,769)




(5,814)




(10,605)




(21,008)


Income tax benefit (expense)



(3,321)




2,706




(3,216)




(295)




(1,717)


Depreciation



(11,380)




(11,993)




(19,298)




(36,287)




(37,592)


Amortization of deferred drydocking and survey
costs



(638)




(202)




(4)





























Net loss

$


(39,029)




(23,199)




(1,138,026)




(524,410)




(86,972)



































































Three Months Ended




March 31,



December 31,



September 30,



June 30,



March 31,


(In thousands)


2018



2017



2017



2017



2017












































Consolidated EBITDA (V) (W) (X) (Y) (Z)

$


(9,905)




13,255




(2,760)




6,085




55,007























Restructuring-related professional service costs






(2,031)




(23,494)




(11,874)




(16,805)


Sale leaseback redelivery costs






(388)




(1,244)








Cash paid for interest



(8,152)




(8,164)




(1,203)




(433)




(8,218)


Cash paid for taxes



(6,429)




(3,262)




(2,521)




(3,611)




(2,167)


Cash paid for deferred drydocking costs



(8,860)




(3,022)




(392)








Change in net working capital, excluding cash



8,649




(4,874)




18,585




(9,856)




42,205


Equity in net (earnings) losses of unconsol.
companies (Z)



15,439




(825)




(1,574)




(4,101)




(2,841)


Stock-based compensation expense



2,956




2,558




2,554




326




(888)


Gain on asset disposition



(1,919)




(6,612)




(376)




(3,189)




(6,064)


Changes in other, net



2,237




(4,372)




(3,608)




3,706




9,921























Net cash provided (used) in operating activities

$


(5,984)




(17,737)




(16,033)




(22,947)




70,150



Note (V):  Consolidated EBITDA excludes interest and other debt costs, income tax expense, depreciation and amortization, asset impairment charges, restructuring-related professional services costs and costs related to the redelivery of sale leaseback vessels.  Restructuring-related professional services and sale leaseback redelivery costs have been separately presented in the above table.  Restructuring-related professional services costs incurred prior to May 17, 2017 were included in general and administrative expenses and such costs incurred subsequent to May 17, 2017 were included in reorganization items in the company's Condensed Consolidated Statements of Earnings (Loss).

Note (W):  Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes non-cash, stock-based compensation expense of $2,956, $2,558, $2,554, $326, and $(888), respectively.

Note (X):  Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes vessel operating lease expense of $0, $91, $1,747, $5,542, and $8,443, respectively.

Note (Y):  Consolidated EBITDA for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(348), $(349), $(2,082), $(1,157), and $664, respectively.

Note (Z):  Consolidated EBITDA and equity in net (earnings) losses of unconsol. companies for the three months ended March 31, 2018, December 31, 2017, September 30, 2017, June 30, 2017 and March 31, 2017 includes foreign exchange gains (losses) of $(14,823), $(74), $758, $3,480, and $4,965, respectively.

Non-GAAP Financial Measures

We disclose and discuss EBITDA as a non-GAAP financial measure in our public releases, including quarterly earnings releases, investor conference calls and other filings with the Securities and Exchange Commission.  We define EBITDA as earnings (net income) before interest and other debt costs, income tax expense, depreciation and amortization, reorganization items, asset impairments, and restructuring-related professional services costs included in general and administrative expenses.  Our measure of EBITDA may not be comparable to similarly titled measures presented by other companies. Other companies may calculate EBITDA differently than we do, which may limit its usefulness as a comparative measure.

We view EBITDA both as a performance and liquidity measure and, as such, we believe that the GAAP financial measures most directly comparable to it are net income and net cash provided (used) in operating activities, respectively.  Because EBITDA is not a measure of financial performance calculated in accordance with GAAP, it should not be considered in isolation or as a substitute for operating income, net income or loss, cash provided (used) in operating activities, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.

EBITDA is widely used by investors and other users of our financial statements as a supplemental financial measure that, when viewed with our GAAP results and the accompanying reconciliations, we believe EBITDA provides additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund drydocking and survey costs and capital expenditures.  We also believe the disclosure of EBITDA helps investors meaningfully evaluate and compare our cash flow generating capacity from quarter-to-quarter and year-to-year.

EBITDA is also a financial metric used by management (i) as a supplemental internal measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; (ii) to compare to the EBITDA of other companies when evaluating potential acquisitions; and (iii) to assess our ability to service existing fixed charges and incur additional indebtedness.

For illustrative purposes, the company has combined the Successor and Predecessor results to derive combined results for the three months ended September 30, 2017.  The combination was generated by addition of comparable financial statement line items. However, because of various adjustments to the consolidated financial statements in connection with the application of fresh-start reporting, including asset valuation adjustments and liability adjustments, the results of operations for the Successor may not be comparable to those of the Predecessor. 

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Cision View original content:http://www.prnewswire.com/news-releases/tidewater-reports-results-for-the-three-months-ended-march-31-2018-300648017.html

SOURCE Tidewater Inc.


Source: PR Newswire (May 14, 2018 - 4:30 PM EDT)

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